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Twitter board and Tesla CEO Elon Musk discussed the offer to buy the social media platform earlier Monday, The New York Times reported.

Musk said last week that he had raised $46.5 billion in financing to buy Twitter, and pressured the company’s board of directors to negotiate a deal.

Citing people with knowledge of the situation and whose identity he has not identified, the Times said the two sides discussed details, including the timetable and fees, if a deal was signed and then dispersed. People said the situation was fluid and moving fast.

Twitter had rolled out an anti-takeover measure known as the poison pill, which could make a takeover attempt extremely expensive. But according to The Wall Street Journal, which first reported that negotiations were ongoing, the board decided to negotiate after Musk updated his proposal to show he had secured the funding.

On April 14, Musk announced an offer to buy the social media platform for $54.20 per share, or about $43 billion, but did not say how he would finance the acquisition at the time.

Last week, he said in documents submitted to US securities regulators, the money would come from Morgan Stanley and other banks, some of which would be secured by his large stake in the electric car maker.

Twitter did not comment.

Musk said he wanted to buy Twitter because it failed to meet its potential as a free speech platform.

In recent weeks, he has proposed a number of changes for the company, from relaxing content restrictions such as rules that suspended former President Donald Trump’s account, to ridding the platform of problems with fake and automated accounts.